There can be inefficiencies in the transfer of information from one storage location to another storage location, for example, when the information is performing a function at a first storage location and it is inconvenient to introduce the information to a second storage location. It is typical for an individual's information, such as account information, to facilitate a function while stored in a database. For example, information stored on a bank's servers can function to automatically pay the individual's bills. In this example, an individual who wishes to change banks may nonetheless choose to remain at their first bank because of difficulties or inconveniences related to re-providing the information to the second bank's servers. An individual who wishes to retain automatic bill payment functionality can be faced with a choice between proceeding with the onerous transfer of information, maintaining an account at each bank, or forgoing the switch to the preferred bank altogether. Re-entry of information can be a time-consuming task, and can deter the transfer of information to another location.
For example, to implement automatic bill payment at a second location, one typically must search for and search through paper files or collect information from a computer screen. Deterrence caused by lack of convenience can exist even though the transfer of information might be desirable or potentially beneficial. In the case where a bank, or any other organization, wishes to attract new customers, the organization typically must offer the potential customers a benefit as an incentive to move their account. Such benefits traditionally come only at a cost to the organization. If some of the organization's potential customers are hesitant to make the move because of inconveniences associated with transferring account information to the organization, then the organization will likely be forced to increase the offered benefit and, thus, their cost will also increase.
Financial institutions, themselves, will typically balk at exploiting automation technology even though doing so can improve efficiency or reduce certain costs of doing business. In some cases, this apprehension can be a reflection of an unwillingness to perform an onerous information transfer even though doing so could yield an increase in profit or efficiency. In some cases, the inefficiencies and costs that can accompany an onerous information transfer becomes more pronounced; such cases serve to highlight the need for a better solution than those currently available. For example, wealthy customers, such as large organizations or wealthy individuals, tend to have more information stored at a financial institution, for example, a bank. In addition, wealthy customers are more likely to have the information performing one or more functions, for example, automatic bill payment. As a result, inefficiencies in transferring the information tend to become increasingly amplified as the wealth of the customer increases.
For example, the probability that the customer will experience increased delay, increased costs, and increased risk of interruption of the function, in this example automatic bill payment, increases with the wealth of the customer. Each of the above factors, in addition to the onerous nature of the transfer it self, can deter the customer from establishing a new account at a second bank. The problem is again compounded because banks typically prefer wealthy customers and wealthy customers are most likely to forego establishing a new, or even preferable, account at another bank because of onerous information transfers. Banks can offer larger incentives, but larger incentives usually come at a larger cost. As an alternative to increasing incentives, banks have begun recognizing the need for efficient systems and methods of transferring information.